patrick.net

Thas OK, Bill, all those nice accountant and lawyers will make sure you don't suffer any consequences from your kindly LibbyFuck delusions.

Keep all the rates the same as they are now but limit the tax deduction for "charitable" donations limited to $10k/year. Then, people like Bill who donate 95% of their wealth to a tax-free foundation that they control will have to pay tax on their entire wealth.

As it is now, Bill pays almost 0% in taxes (relative to his total lifetime gains). If you raised the highest bracket to 70% but allowed tax-deductible donations, he'd still be paying nearly 0% in taxes.

Another annoying feature of Bill's foundation is that a lot of they money is spent outside the USA. USA skips collecting tax on his earnings and that money doesn't even go to US causes.